The group also includes the Kuwait Investment Authority and Wren House Infrastructure Management.

The consortium will buy the airport from Global Infrastructure Partners and Highstar Capital, which own 75 per cent and 25 per cent respectively.

London City Airport is east of London's centre, whereas Heathrow is to the west and Gatwick is to the south.

The consortium says the acquisition will fit well its other investments in U.K. and European airports. It currently owns Belfast International Airport, Birmingham Airport, Bristol Airport, Brussels Airport and Copenhagen Airport.